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ORDER OF THE GOVERNMENT OF THE REPUBLIC OF TAJIKISTAN

of August 2, 2010 No. 392

About approval of the Procedure for transformation of the state company and its structural unit in open joint stock company

According to article 11 of the Law of the Republic of Tajikistan "About joint-stock companies" and in pursuance of the Presidential decree of the Republic of Tajikistan of December 29, 1996 "About measures for acceleration of incorporating the companies" the Government of the Republic of Tajikistan decides No. 631:

1) to Approve the Procedure for transformation of the state company and its structural unit in open joint stock company it (is applied).

 

Prime Minister

Republic of Tajikistan Emomalii Rahmon

Approved by the order of the Government of the Republic of Tajikistan of August 2, 2010, No. 392

Procedure for transformation of the state company and its structural unit in open joint stock company

1. General provisions

1) the Procedure for transformation of the state company and its structural unit in open joint stock company (further - the Procedure) is developed according to part one of the Civil code of the Republic of Tajikistan, the Law of the Republic of Tajikistan "About joint-stock companies" and the Law of the Republic of Tajikistan "About privatization of state-owned property in the Republic of Tajikistan".

2) Norma Poryadka extend to the state companies and their structural units relating to republican and utility property which privatization is not prohibited according to the legislation of the Republic of Tajikistan.

3) the Main objective of this Procedure is:

- expansion of circle of small enterprises which form of business is the open joint stock company;

- development of the competition in the market;

- preparation of basis for privatization of state-owned property;

- creating favorable conditions for attraction of domestic and foreign investments;

- increase in production efficiency and growth in volumes of production.

4) the Procedure does not extend on the allocated structural units of the state companies in the following cases:

- if the allocated structural unit has no and cannot have separate entrance;

- if transformation of structural unit of the company to joint-stock company breaks normal functioning of all reorganized company;

- if breaks single production cycle of the reorganized company.

2. Procedure for transformation of the state company in open joint-stock societies

5) the State company which founder is the Government of the Republic of Tajikistan is transformed to open joint stock company based on the order of the Government of the Republic of Tajikistan from the state authorized body on management of state-owned property of the Republic of Tajikistan.

6) the Decision on transformation to open joint stock company of other state company relating to republican property is made by the state authorized body on management of state-owned property of the Republic of Tajikistan, on the company relating to utility property from the relevant Majlis of People's Deputies and, within competence, chairmen of the Gorno-Badakhshan Autonomous Region, areas, cities and areas.

7) the Management of the state company transformed to joint-stock company represents the approved list of fixed assets, objects of construction in progress, the unspecified equipment, long-term financing (more than 1 year), current assets, receivables and payables and other obligations, the balance on the last reporting date approved by tax authority of the location of the company and the developed draft of the charter depending on pattern of ownership of the state company to the state authorized body for management of state-owned property of the Republic of Tajikistan or local executive body of the government.

8) In case of need the state authorized body on management of state-owned property of the Republic of Tajikistan has the right to demand the additional information from higher body of the state company;

9) the Management of the state companies according to the legislation bears responsibility for reliability of the submitted documents.

10) the State authorized body on management of state-owned property of the Republic of Tajikistan or the local executive body of the government (further - the Founder) makes assessment of property of the state company and by the decision approves the size of authorized fund, type of shares and the charter of the founded joint-stock company.

The Founder prior to the first general shareholder meeting assigns 11), as a rule, to the head of the transformed company of obligation of the chief executive of joint-stock company and submits necessary documents for state registration of joint-stock company to tax authority of the location of joint-stock company.

12) the Joint-stock company after state registration in time no more than 30 days develops the prospectus of the issue and submits necessary documents for state registration of share issue to the Ministry of Finance of the Republic of Tajikistan.

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